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Zoom cuts annual revenue forecast on slow online business

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Zoom Video Communications Inc on Monday lowered its annual revenue forecast, as the video-conferencing platform expects a hit from declining online business.

WebEx and Slack, is facing a slowdown as red-hot inflation is dampening the spending power of customers.

Shares of the San Jose, California-based company, which fell nearly 56% this year, were down 5% in trading after the bell. "Guidance suggests further weakness in both enterprise and online. It is tough to disaggregate how much of this is macro and how much is competition," said RBC analyst Rishi Jaluria.The company, however, raised its annual adjusted profit per share to between $3.91 and $3.94, compared with $3.66 to $3.69 forecast earlier.

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Zoom beats on earnings and hikes annual profit forecast, but fourth-quarter guidance disappointsZoom reported a quarterly net income of $48.4 million, or 16 cents a share, on revenue of $1.1 billion, up from $1.05 billion a year ago. $ZM increased its annual profit forecast after earnings beat Monday but undershot expectations for the quarter:
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